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While the broader crypto market remains in turmoil, all Donald Trump-related coins soared today for no apparent cause. MELANIA jumped more than 54 per cent, while both TRUMP and World Liberty Financial's WLFI gained more than 20 per cent.
The broader crypto market has recovered cautiously after key negotiations to end the current US government shutdown. However, the formerly stagnant 'Trump coin' experienced a massive rally today, unlike any other meme coin or speculative token.
History and suspicions of insider trading
Both TRUMP and MELANIA were launched earlier this year during the inauguration of Donald Trump as US president. Both tokens have since collapsed, losing almost 100% of their maximum value.
Notably, both meme coins showed clear signs of insider trading and market manipulation. Previous on-chain data indicated that a single wallet controlled 89% of MELANIA's offering.
Meanwhile, another DeFi project linked to the Trump family, World Liberty Financial, recently made its WLFI token tradable. The price of the altcoin had been gradually declining, but today it rallied sharply by 25%.
No cause evident accumulation only
There is still no obvious reason why the token affiliated with Trump has skyrocketed. Neither the US president nor any of his affiliated crypto ventures have made any announcements today.
Although World Liberty Financial has improved WLFI's utility over the past month with new ecosystem features, TRUMP and MELANIA have not seen any significant developments recently.
Such an unpredictable pump on all the 'Trump coins' could suggest that insiders are heavily hoarding these tokens, anticipating an event that will move the market. Both the TRUMP token and MELANIA show strong accumulation trends over the past 24 hours.
However, leveraged traders are taking short positions, expecting prices to fall again after this temporary surge.
A Possible Political Catalyst
The only plausible catalyst for this sudden surge could be the anticipated reopening of the US government. As the country has faced one of its longest shutdowns in history, Donald Trump has recently struck an optimistic tone.
Now, with the government expected to reopen by Thursday, are Trump insiders perhaps anticipating a surge in liquidity as Treasury funds flow back into the market?
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